Here's Why American Express, Discover, and Capital One Were Rising on Thursday
Thursday was an interesting day for the stock market. After plunging by nearly 2% in the morning, the Dow Jones Industrial Average and S&P 500 index abruptly reversed course and headed into positive territory.
The rally was largely fueled by a major reversal in the financial sector, and credit card stocks were an especially strong part of the market. American Express (NYSE: AXP) was higher by more than 6% as of 3 p.m. EDT, while Discover Financial Services (NYSE: DFS) and Capital One (NYSE: COF) were doing even better, up by 7% and 8%, respectively.
Consumers are spending more money, which could be a good sign for the post-coronavirus economy. Image source: Getty Images.
Source Fool.com
